Exxon Mobil Corporation ( XOM Quick Quote XOM - Free Report) announced its intention to spend $15 billion over the next six years on projects associated with reducing greenhouse gas emissions. With the investment target, XOM will be cutting its emissions of greenhouse gases across its operations as well as increasing spending in businesses related to low carbon solutions.
The integrated energy major boasts that it is on track to meet its 2025 plan of reducing greenhouse gas emissions as early as the end of this year. Hence, it’s four years ahead of schedule that ExxonMobil is expecting, that as compared to 2016 levels, it will cut its greenhouse gas intensity from upstream operations by 15% to 20%. The aggressive plan will also be followed by cutting methane intensity and flaring intensity by 40% to 50% and 35% to 45%, respectively.
ExxonMobil has also set a plan of reducing corporate-wide greenhouse gas emissions by 20% to 30% by 2030. From the upstream operations, XOM plans to lower greenhouse gas emissions by 40% to 50% over the same time frame. For cutting methane emissions and flaring intensity across its corporate activities, ExxonMobil has set an aggressive 2030 reduction plan of 70% to 80% and 60% to 70%, respectively.
Toward the end of 2027, the total planned capital spending of ExxonMobil lies in the band of $20 billion and $25 billion every year. The lion’s share of the budget will be allocated toward prolific projects –offshore Guyana developments, with huge oil discoveries, and Permian, the most prolific basin in the United States. ExxonMobil expects the plans to double its earnings and cash flow by 2027, as compared to 2019.
ExxonMobil currently carries a Zacks Rank #2 (Buy). Other prospective players in the energy space include
Whiting Petroleum Corporation ( WLL Quick Quote WLL - Free Report) , Continental Resources, Inc. ( CLR Quick Quote CLR - Free Report) and Callon Petroleum Company ( CPE Quick Quote CPE - Free Report) . While Continental Resources carries a Zacks Rank #2, Whiting Petroleum and Callon Petroleum sport a Zacks Rank #1 (Strong Buy). You can see . the complete list of today’s Zacks #1 Rank stocks here
Whiting Petroleum is a leading upstream energy company and is the top producer of crude oil in North Dakota. With oil price improving at a healthy pace, Whiting Petroleum expects to continue generating handsome cashflows while maintaining a healthy balance sheet.
Headquartered in Denver, CO, Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days. Looking at the price chart, WLL has gained 146.4% year to date, outpacing the 97.6% rise of the composite stocks belonging to the industry.
Continental Resources is also a leading upstream energy company, with proven reserves in North Dakota and Oklahoma. The oil inventories of Continental Resources are among the best in the industry.
Headquartered in Oklahoma City, Continental Resources has witnessed upward earnings estimate revisions for 2021 in the past 30 days. Considering the price chart, CLR has gained 161.8% so far this year, outpacing the 97.6% improvement of the composite stocks belonging to the industry.
Callon Petroleum is also a leading exploration and production company with a strong presence in prolific unconventional resources that comprise Permian Basin and Eagle Ford Shale play.
CPE has witnessed upward earnings estimate revisions for 2021 in the past 30 days. Looking at the price chart, Callon Petroleum has gained 255.6% year to date, outpacing the 97.6% improvement of the composite stocks belonging to the industry.